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Eddi Din [679]
3 years ago
9

For the current year, a business has earned (but not recorded or received) $200 of interest from investments. Demonstrate the re

quired adjusting entry by completing the following sentence. The required adjusting entry would be to debit the ___________ (Unearned revenue/Accounts receivable/Cash/Interest receivable) account and __________ (debit/credit) the __________ (Cash/Accounts receivable/Interest revenue/Interest receivable) account.
Business
1 answer:
uysha [10]3 years ago
7 0

Answer:

Explanation:

The adjusting journal entry is shown below:

Interest receivable A/c Dr $200

    To Interest revenue A/c         $200

(Being the interest earned is recorded)

Since the interest would not be received but it is earned so we debited the interest receivable account and credited the interest revenue account.

The other accounts which are given in the brackets are wrong.

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The Greeson Clothes Company produced 25,000 units during June of the current year. The Cutting Department used 6,380 direct labo
ra1l [238]

Answer:

Cutting Department:    

Rate variance = 6380*(10.9-11) = -638 Favorable  

Time variance = 11*(6380-25000*0.25) = 1430 Unfavorable  

Total direct labor cost variance = (6380*10.9)-(25000*11*0.25) = 792 Unfavorable

Sewing Department:

Rate variance = 9875*(11.12-11) = 1185 Unfavorable  

Time variance = 11*(9875-25000*0.4) = -1375 Favorable  

Total direct labor cost variance =(9875*11.12)-(25000*11*0.4) = -190 Favorable

4 0
3 years ago
makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Dire
Ugo [173]

Answer:

$171 Favorable  

Explanation:

Actual Variable Overhead Rate = Actual variable overhead cost / Actual direct labor-hours used

Actual Variable Overhead Rate = $9,531 / 2,310

Actual Variable Overhead Rate = $4.125974

Variable overhead rate variance = (Standard rate - Actual rate) * Actual Direct labor hours

Variable overhead rate variance = ($4.20 - $4.125974) * 2310

Variable overhead rate variance = $0.074026 * 2310

Variable overhead rate variance = $171 Favorable  

6 0
3 years ago
Faughn Corporation has provided the following data concerning manufacturing overhead for July:
creativ13 [48]

Answer: D. Manufacturing overhead was underapplied by $10,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $253,000

Explanation:

The Manufacturing overhead applied is less than the actual manufacturing overhead incurred by:

= 79,000 - 69,000

= $10,000

Manufacturing overhead is therefore underapplied as the amount applied is too low to cover the amount incurred.

The Cost of Goods sold after closing out is:

= Cost of goods sold before closing out + Underapplied manufacturing overhead

= 243,000 + 10,000

= $253,000

6 0
3 years ago
a type of long term permanent financing for residential construction or large construction projects, that replaces the construct
shepuryov [24]

A type of long term permanent financing for residential construction or large construction projects, that replaces the construction loan is called a takeout loan.

<h3>What is a takeout loan?</h3>

A takeout loan is a method of financing whereby a loan that is procured later is used to replace the initial loan.

More specifically, a takeout loan, or takeout financing, is long-term financing that the lender promises to provide at a particular date or when particular criteria for completion of a project are met.

A take-out loan provides a long-term mortgage or loan on a property that "takes out" an existing loan.

The take-out loan will replace interim financing, such as replacing a construction loan with a fixed-term mortgage.

If the take-out loan is used to finance a rental or income-generating property, the take-out lender may be entitled to a portion of the rents earned.

To learn more about take-out loan, refer

brainly.com/question/1415802

#SPJ4

5 0
1 year ago
Which of the following is a true statement?
MissTica

Answer: a) To estimate the before-tax cost of debt, we need to solve for YTM on the firm's existing debt.

<h2 />

Explanation:

6 0
3 years ago
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